Taiyuan Heavy Industry fined for financial misstatements, executives banned

Taiyuan Heavy Industry Co., Ltd. and several key personnel have received an administrative penalty decision from the China Securities Regulatory Commission's Shanxi regulatory bureau for information disclosure violations. The company was ordered to rectify, issued a warning, and fined 8 million yuan.

The violations include false financial reporting from 2014 to 2018, 2020, and 2021, relating to the Lapenpo wind power project. This involved overstating operating income, costs, and profits in certain years, and understating them in others, significantly impacting reported financial results. For example, in 2014, operating income was overstated by 756,668,038.8 yuan, and total profit by 155,346,528.67 yuan.

Several current and former directors, general managers, and financial officers were also issued warnings and individual fines ranging from 500,000 yuan to 2 million yuan. Additionally, specific individuals received securities market bans, including a lifetime ban for Fan Weimin, and 10-year bans for Wang Chuangmin and Zhang Zhide. The company's stock remains under other risk warnings, though it does not face mandatory delisting.